Crypto Analysts Predict Further Decline Towards $60,000

  • Bitcoin falls below its 50-day average of $65,800, signaling a potential correction of 8% to 12%
  • CryptoQuant analysts predict Bitcoin may decline towards $60,000
  • Bitcoin is down more than 12% from its all-time high of $73,798 in March
  • Long-term momentum remains positive, but short-term momentum weakens
  • Whale demand has decreased since late May
  • Marketwide repricing due to the Federal Reserve’s cautious stance on rate cuts

Bitcoin has fallen below its 50-day average of around $65,800, indicating a potential correction of 8% to 12%, according to analysts at CryptoQuant. The cryptocurrency may decline towards $60,000. Bitcoin is down more than 12% from its all-time high of $73,798 in March. Despite long-term momentum remaining positive, short-term momentum has weakened due to decreased demand from large bitcoin holders, or ‘whales’, and the impact of the Federal Reserve’s cautious stance on rate cuts. CryptoQuant analysts attribute Bitcoin’s recent decline to marketwide repricing following the Fed’s June meeting, where it projected one rate cut for the rest of the year. However, global central banks like the Bank of Canada and the European Central Bank have initiated rate cuts, suggesting a shift towards monetary easing.

Factuality Level: 8
Factuality Justification: The article provides accurate information about Bitcoin’s current price drop below its 50-day average and the potential correction. It also includes insights from analysts at CryptoQuant, Katie Stockton, and Jake Ostrovskis regarding the market trends and factors affecting Bitcoin’s performance. The article is not overly dramatic or sensationalized, and it presents different perspectives without presenting them as universally accepted truths.
Noise Level: 3
Noise Justification: The article provides relevant information about Bitcoin’s recent price movements and market factors affecting its performance. However, it could benefit from more in-depth analysis and context on the broader implications of these trends for the cryptocurrency market and potential long-term consequences.
Key People: Katie Stockton (founder and managing partner at Fairlead Strategies), Jake Ostrovskis (over-the-counter trader at Wintermute)

Financial Relevance: Yes
Financial Markets Impacted: Cryptocurrency market, Bitcoin
Financial Rating Justification: The article discusses the decline of Bitcoin’s value and its potential impact on the cryptocurrency market. It also mentions the Federal Reserve’s stance on rate cuts and their effect on Bitcoin’s price.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article. The text discusses Bitcoin’s decline and its potential correction but does not describe an extreme event.

Reported publicly: www.marketwatch.com